I used to be the biggest exchange. It is difficult to get money out of now in the thousands people are saying so people that sold their bitcoin to try and withdraw cash are now buying back to transfer the bitcoin else where to try and withdraw.
But on BTCChina, its 5866 CYN = $962 USD. Some opportunity here to make the difference between exchanges if you have the balls to =D. Slam
It would not be the only reason the price is driving up but it is contributing and may be why there is a higher price on Gox than say bitstamp. btc-e usually has one of the lowest prices due to difficulty of getting funding in. I think the client base of the various exchanges is going to differ. BTC-e is probably mainly miners, ex miners turned traders and traders. Gox probably has more people wanting to just invest and trade, but have alienated the miners looking to sell. Just my thoughts probably I am not expert but have been in the crypto game a little while.
BTC-e has more than just BTC, no doubt it's popular for miners coz that's a reliable platform to exchange. Mt Gox has problem getting funds out, can't really understand why mtgox has premium.
It's because funds are difficult to get out - it's a microcosm of a system with an inflated money supply. Money pouring in, money not leaving = price inflation. The only thing to spend your fiat on is BTC. It's a digital desert island economy. Prices match available currency supply.
Spot price is based on the last trade price, and buyer/seller remains anonymous, I tend to believe that the price is being manipulated. If one or group has significant holding, not that hard to build the price up, perhaps on Mtgox? then others follow. Once the housewives starts to enter the market, that's the time they leave. We believe that gold/silver/shares are being manipulated, why can't BTC? in fact, manipulating BTC is much easier than all of the others.
Now it's important to find a reliable exchange that CAN cash out to my bank account before they gone bankrupt. Coinjar is a good option, however there's a daily limit. Anyone tried localbitcoins.com?
This is what I need to discover. I can see arbitrage difference of roughly 10% (lower when considering fees) at times to Mt Gox but have no idea how I can turn BTC into cash using Mt Gox. No good pouring cash in unless you can get it out somehow.
